EURGBP = you have / use EUR to buy GBP, the exchange rates is 1 EUR = xxx GBP

The Inter-bank Market – Large commercial banks trade with each other through the Electronic Brokerage System (EBS). Banks will make their quotes available in this market only to those banks with which they trade. This market is not directly accessible to retail traders.

The Online Market Maker – Retail traders can access the FX market through online market makers that trade primarily out of the US and the UK. These market makers typically have a relationship with several banks on EBS; the larger the trading volume of the market maker, the more relationships it likely has.

Market Hours

Forex is a market that trades actively as long as there are banks open in one of the major financial centers of the world. This is effectively from the beginning of Monday morning in Tokyo until the afternoon of Friday in New York. In terms of GMT, the trading week occurs from Sunday night until Friday night, or roughly 5 days, 24 hours per day.

Price Reporting Trading Volume

Unlike many other markets, there is no consolidated tape in Forex, and trading prices and volume are not reported. It is, indeed, possible for trades to occur simultaneously at different prices between different parties in the market. Good pricing through a market maker depends on that market maker being closely tied to the larger market. Pricing is usually relatively close between market makers, however, and the main difference between Forex and other markets is that there is no data on the volume that has been traded in any given time frame or at any given price. Open interest and even volume on currency futures can be used as a proxy, but they are by no means perfect.

if you would like to know more about forex system using online platform then try this website
http://www.forexbio.com

The Forex (Foreign Exchange) market is the largest financial market in the world and is open 24 hours a day. In fact, the Forex market is larger than all other equity markets combined. Unlike stocks, there is no central exchange where Forex transactions take place. So retail Forex traders trade the Forex market through Forex brokers who provide pricing and facilitate the currency trades.

Forex is traded through the internet so you can trade it from anywhere you have internet access. You can leverage your Forex account many times its actual value (up to 400:1 but 100:1 is most common) which provides for great profit potential as well as great risk. Forex transactions are traded in pairs so for instance when you buy the EUR/USD you are buying Euros while simultaneously selling Dollars. Because you both buy and sell with each transaction you can make money no matter what direction the market moves.

It is also fairly easy (maybe too easy since many lose their money) to start. Most brokers only require a couple hundred dollar minimum. Also, almost all brokers offer free practice accounts with no time limit so you can practice until you are ready to go live. The one key to not losing your money is this: Don’t start trading until you know what moves the market and how to trade it. If you start with live money too fast you WILL lose it.

Those are some basics to help get you started. Good Luck!

2) Can you really make money trading ?
Yes – you can also loose money, which is not a pleasant experience

3) How many currencies does one suggest I trade as a beginner
Just pick one – say USD/GPB, USD/EUR, USD/AUD or USD/CAD

Become familiar with how it moves over a long term trend & how it reacts to news/events etc..

4) As a beginner is swing trading the way to go
Swing trading is for taking long term positions. You may find that day trading is more your thing – every one is different. Give a few strategies ago in your practice account.

5) Does taking a currency course make a difference ?
It may – as long as its good, you are really motivated, and you practice what they teach.

I would suggest that you open up a demo account & start trading with practise money first. Borrow a couple of fx trading texts from you local library and see if you can both stay interested and trade profitably.

If your still doing it after a couple of months, then you will get the most out of your investment. If you’ve given up the ghost, then its probably not for you & you should save your money.

Most people who do those courses are not trading in 12 months time. Why? because they were not motivated enough in the first place – after a few looses a lot of people give up. Expect to loose money for the first 12 months – it takes that long for most to learn.

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For a successful system you need:

1) Good money management and stoploss’s to protect your capital.
2) Proper risk/reward ratio.
3) A way for it to adjust dynamically to the changing market conditions.

Here is a site that reviews these types of systems:
http://www.Expert-Advisors.com

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.

Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.